The recession was a difficult time, but real estate professionals everywhere learned a lot from it.
We are approaching the 10-year anniversary of the market collapse we faced on September 15, 2008. It was an incredibly tough time for the United States, as 8.7 million people faced unemployment, in addition to a significant decrease in retirement funds and a 50% decline in home prices.
According to Minnesota real estate agent Teresa Boardman, “I lost my confidence in our economic system and our system of governance.” However, real estate professionals survived, despite how harrowing the future looked at the time of the recession. Here are some of the lessons learned from it:
1. You will always be needed.
Despite how awful the economy gets, there will always be clients who need your help. That is the best way to push yourself through financial crises such as the recession – no matter what’s going on around you, you will always have a purpose in helping your clients.
2. Save, save, save.
Even when the market is great and your livelihood is thriving. Especially then. You never know when work will be slow and you’ll have to dip into those savings – save now, and save often. It is the best way to prepare.
3. Take any opportunity you can.
Getting in the habit of seizing financial opportunities is a great way to prepare yourself if the market ever goes awry again. Already being in that mindset will benefit you greatly when you need it. Never turn away work or a potential client – you never know when you’ll be in need of the money.
4. Take advantage of the market.
Even when it’s bad. Investing doesn’t always have to be done when the market is in high spirits – a lot of people who chose to invest during the recession are now thriving. It may be risky, but sometimes risks aren’t necessarily bad. Take advantage of the market you have, and do what you can with it – it may play off well in the future.